The market cap of Tether ($USDT) has surpassed $120 billion, according to data from Lookonchain. Currently, there are 120.17 billion $USDT in circulation. This marks a significant milestone for the popular stablecoin. This is an important step for one of the most widely used stablecoins.
Tron Surpasses Ethereum in Tether ($USDT) Circulation, Leading Stablecoin Network
Of the total circulation, 61.49 billion $USDT (51.17%) are in circulation on Tron network. The rest of 54.48 billion $USDT (45.34%) is on the Ethereum network at the moment. This shows the significant position each of the networks occupies in the $USDT transfer. Tron has now overtaken Ethereum as the largest host of $USDT circulation. That is remarkable because for most tokens, Ethereum has been the primary network up to this point.
The increased use of $USDT on the Tron network show that Tron is gradually becoming popular in the stablecoin market. Tron is more popular among traders and investors because its transactions are processed much faster and for a lower price than on Ethereum. However, Ethereum still occupies the significant position in the context of stablecoins. Many dApps are built on the Ethereum network meaning that it is a critical platform for $USDT.
$USDT Hits $120B, Cementing Its Position in Crypto Market
This shows that $USDT continues to play a crucial role in the cryptocurrency market given the higher circulation around the world. $USDT for instance is utilized in trading, transferring value and as a stable digital currency.
As $USDT’s market cap rises beyond $120 billion, as per Lookonchain data, more people still trust it and use it as one of the most popular stablecoins in the crypto market. So, as the demand for stablecoins continues to rise, the use of $USDT in the cryptocurrency market should increase as well.
Source: https://blockchainreporter.net/tether-usdt-market-cap-surpasses-120-billion-dominates-other-networks/